This study examines the role of corporate governance in controlling strategic deviation and its impact on the debt maturity structure of companies listed on the Tehran Stock Exchange during 2012–2021. The data were collected from domestic and international articles for theoretical foundations and from stock exchange databases, including the Codal website. After data collection, the information was classified by year and stock symbol, entered into Excel, and transformed into panel data for analysis. A multivariate regression model with year and industry effects was applied using Stata software. Results indicate a significant negative effect of strategic deviation on short-term debt, showing that companies with higher strategic deviation prefer long-term debt to reduce short-term financial risks. Contrary to previous studies, institutional investors did not have a significant impact on short-term debt, possibly due to the unique conditions of the Iranian market. Innovatively, this research simultaneously investigates the role of corporate governance and strategic deviation in determining debt maturity structure. Practical implications highlight the necessity for managers to consider the adverse effects of strategic deviation in financial decisions and for institutional investors to carefully assess risks related to companies' divergent strategies. These findings contribute to expanding financial and managerial knowledge in the fields of debt structure and corporate governance and provide a practical framework to enhance financial decision-making in Iran's capital market.
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6The Role of Corporate Governance in Controlling …Haji Mohammadi & Shahbazi Nia
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Haji Mohammadi Aghkand,A and Shahbazi niya,M S . (2025). Examining the Role of Corporate Governance in Controlling Strategic Deviation and Optimizing the Debt Maturity Structure of Companies. Strategic Management Accounting, 2(4), 67-91. doi: 10.22034/smajournal.2026.552930.1174
MLA
Haji Mohammadi Aghkand,A , and Shahbazi niya,M S . "Examining the Role of Corporate Governance in Controlling Strategic Deviation and Optimizing the Debt Maturity Structure of Companies", Strategic Management Accounting, 2, 4, 2025, 67-91. doi: 10.22034/smajournal.2026.552930.1174
HARVARD
Haji Mohammadi Aghkand A, Shahbazi niya M S. (2025). 'Examining the Role of Corporate Governance in Controlling Strategic Deviation and Optimizing the Debt Maturity Structure of Companies', Strategic Management Accounting, 2(4), pp. 67-91. doi: 10.22034/smajournal.2026.552930.1174
CHICAGO
A Haji Mohammadi Aghkand and M S Shahbazi niya, "Examining the Role of Corporate Governance in Controlling Strategic Deviation and Optimizing the Debt Maturity Structure of Companies," Strategic Management Accounting, 2 4 (2025): 67-91, doi: 10.22034/smajournal.2026.552930.1174
VANCOUVER
Haji Mohammadi Aghkand A, Shahbazi niya M S. Examining the Role of Corporate Governance in Controlling Strategic Deviation and Optimizing the Debt Maturity Structure of Companies. Strategic Management Accounting. 2025;2(4):67-91 (In Persian). doi: 10.22034/smajournal.2026.552930.1174
Strategic Management Accounting